Matthew Chinn, Executive Vice President Oil & Gas, Siemens
Prior to the market downturn, the offshore E&P industry had been slow to adopt new technology. But deployment accelerated as the inclement market conditions dragged on and producers sought dramatic cuts in their time and costs to first oil, and overall production costs after that. The good new was that many technologies already proven in other industries were readily adapted to offshore applications. The better new would be continuation, if not acceleration, of this trend. New approaches will help offshore operators produce at significantly lower cost per barrel.
Consider, for example, how artificial intelligence algorithms that automate the processing of ultrasound images in healthcare – enabling doctors to identify fractures 50% faster – have been adapted recently to analyze multi-beam echo sounding (MBES) data gathered by oil and gas exploration vessels. The new software, called Marine Image Processing and developed in collaboration with Royal Dutch Shell geoscientists, can locate hydrocarbon gas escaping the ocean floor with 95% accuracy.
Exploring the digital transformation of Oil & Gas
As we strive to make oil and gas production cleaner, safer, smarter, and more secure, the only way forward is to adapt the disruptive technologies reshaping our industry. More automation and intelligence are already creating significant efficiency gains and improved safety in all steps of the value chain in the industry.
Digital technology offers an increasing degree of intelligence to all kinds of energy suppliers and consumers. By collecting data and knowing how to analyze it, we can translate huge quantities of information into better operational decisions, and we can do it faster. Digitalization is creating new opportunities to couple the many different elements of the energy landscape, even across sectors, and optimally exploit the advantages of each.
When: Thursday, 23 May, 2019
Where: The Crystal, London
Time: 12:00 – 18:00, followed by a cocktail reception
Join us to discuss the cultural change affecting the O&G industry and the new business models needed to transition into the energy policies for 2050. Find out more here.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. With its publicly listed subsidiary Siemens Healthineers AG, the company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2017, which ended on September 30, 2017, Siemens generated revenue of €83.0 billion and net income of €6.2 billion. At the end of September 2017, the company had around 377,000 employees worldwide. Further information is available on the Internet at www.siemens.com.